Hercules Announces the Convertibility of Its 6.00% Convertible Senior Notes Due 2016 Through September 30, 2014
05 August 2014 - 10:00PM
Business Wire
Approximately $34 million of the existing notes
have exercised conversion
Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development, announced today that holders of its
6.00% Convertible Senior Notes due 2016 have been notified that the
stock trading price conversion requirement was met during the three
months ended June 30, 2014.
The trading price requirement is set forth in the Indenture,
dated April 15, 2011, between Hercules and U.S. Bank N.A., as
trustee. Upon meeting the stock trading price conversion
requirement during the three months ended June 30, 2014, the
Convertible Senior Notes became convertible on July 1, 2014 and
continue to be convertible through September 30, 2014. The current
conversion price of the Convertible Senior Notes is approximately
$11.49 per share of common stock, in each case subject to
adjustment in certain circumstances.
The trustee for the 6.00% Convertible Senior Notes due 2016 has
informed Hercules that, to date, holders of approximately
$33,940,000 in principal amount of the notes have exercised their
conversion rights, which conversion will be settled pursuant to the
terms of the indenture whereby Hercules has elected to settle the
outstanding principal amount of the tendered notes in cash, and
Hercules will issue shares of its common stock for the remainder of
the settlement amount.
Remaining holders of outstanding Convertible Senior Notes
interested in converting should follow the conversion procedures
set forth in the indenture, which include, as applicable, providing
notices and following the procedures required by the depository and
the trustee.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) is the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development. Since inception (December 2003),
Hercules has committed more than $4.2 billion to over 270 companies
and is a lender of choice for entrepreneurs and venture capital
firms seeking growth capital financing.
The Company’s common stock trades on the New York Stock Exchange
under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of
7.00 percent Senior Notes due April 2019, 7.00 percent Senior Notes
due September 2019, and 6.25 percent Senior Notes due July
2024—which trade on the NYSE under the symbols “HTGZ”, “HTGY” and
“HTGX,” respectively.
Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules Technology Growth Capital, Inc.Main, 650-289-3060
HT-HNinfo@htgc.comorMarket Street PartnersEd Keaney,
415-445-3238ekeaney@marketstreetpartners.com
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